The stock market gained ground on Monday morning, as investors overcame fears of a global economic slowdown. Favorable data on retail sales helped bolster the notion that the U.S. economy might be able to avoid the pressures that other parts of the world are seeing. As of 11:45 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 82 points to 25,532. The S&P 500 (SNPINDEX: ^GSPC) rose 29 points to 2,772, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 113 points to 7,521.
Much of the attention in the market centered on individual company news. Boeing (NYSE: BA) was the big mover in the Dow as the stock reacted negatively to a crash of its aircraft, while Walt Disney (NYSE: DIS) enjoyed box-office success in the latest in a long series of movies resulting from one of its most lucrative acquisitions in its history.
Boeing faces new questions
Shares of Boeing dropped 7%, making it by far the biggest drag on the Dow this morning. The aerospace giant’s decline followed the crash of a 737 MAX 8 aircraft in Ethiopia that killed all 157 people aboard. The Ethiopian Airlines jet tragedy was the second incident in five months for the 737 MAX 8 model, which has been one of the most popular upgrades that Boeing has made to its jet fleet in recent years. A late-October crash of a Lion Air flight off the coast of Indonesia resulted in the deaths of 189 people.
Two Boeing aircraft at an air show.More
Image source: Boeing.
In response to the latest crash, several nations around the world grounded all of their 737 MAX 8 planes pending further investigation into the cause. Boeing had already implemented new safety systems to address issues from the Lion Air incident, and it’s unknown whether the cause of the